Greetings !
I sold a property and another property was sold by my parents, which comes to a combined net of 66 lakhs.
Out of the proceeds of this sale, we bought a single property in Noida, which is to be registered at 55 lakhs according to the revised circle rate of Noida.
The cost of registeration and transfer charges are exclusive of the 55 lakhs .
Will any of the parties still liable to pay tax.
My understanding is that since we are purchasing a new property from the sale, this should be exempt.
Please advise.
